Bankruptcy Myths

Our Bedford Bankruptcy Lawyer Corrects Bankruptcy Myths

At
The Law Office of Mark B. French, we focus on honesty and ensuring that our clients know what is involved
in their situation. In many cases, our clients already have preconceived
notions about bankruptcy and think that it can further damage their circumstances.

Although bankruptcy is not always the best option, we want our clients
to have a clear understanding of this legal process. Below, our Bedford
bankruptcy attorney takes a look at some of the most common bankruptcy
myths and provides explanations as to why they are not true.

Debtors who file are financially irresponsible.

Although some individuals and companies that file for bankruptcy have directly
caused their financial problems through irresponsibility, bad decision
making is not typically the reason the average consumer needs to file.

Some of the more common reasons for bankruptcy are:

Divorce

Long-term unemployment

Sudden job loss

Medical expenses

You cannot repair your credit after bankruptcy.

This is not true. After you receive a debt discharge through bankruptcy,
you can begin to slowly rebuild your credit. Lenders will realize that
you do not have competing obligations and will offer you credit. Although
interest rates will likely be high, your available credit will eventually
increase. Individuals who file for bankruptcy are often surprised by how
fast their credit is built when responsible habits are practiced after
the bankruptcy process has been completed. With bankruptcy, you are given
the opportunity to purchase a house in the future and pursue other financial actions.

If you spend a lot before filing, you do not have to pay that money back.

This is an assumption made by many individuals, but it is a myth. Spending
with abandon prior to filing for bankruptcy is actually considered fraud
when done intentionally. Debt that is incurred as a result of fraud will
not be discharged. Do not be caught up in this misconception that can
cause you to damage your bankruptcy case. When it comes to bankruptcy,
you must be cautious in the actions you take and ensure that all requirements
are met. If you are unsure of a particular action, discuss it with the
lawyer at our firm.

Experienced Guidance Through Bankruptcy

Rather than walking blindly through your case, we encourage you to retain
the legal service of our firm. We understand bankruptcy and your needs
pertaining to debt relief. If you need a legal guide to pursue a successful
result, we encourage you to put your trust in our firm. We can guide you
through your case.

With more than 25 years of experience, our Bedford bankruptcy lawyer has
proven his ability to help clients successfully complete their
Chapter 7 and
Chapter 13 bankruptcies.

If you have a particular question, get it answered as soon as possible by
contacting us at The Law Office of Mark B. French.

The information on this website is for general information purposes only.
Nothing on this site should be taken as legal advice for any individual
case or situation. This information is not intended to create, and receipt
or viewing does not constitute, an attorney-client relationship.